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The country’s decade-long obsession with GDP expansion has proved costly. It stoked inflation and damaged balance sheets due to a lack of effort to boost production. By contrast, Prime Minister Narendra Modi’s reforms promise a slow buildup to a more enduring increase in output.

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Newish leaders across the region are pushing to change the way companies work. Although the mechanisms and targets vary between countries, increasing efficiency appears to be a common theme. But investors eyeing improved returns will find not all reforms are equal.

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The economy bounced back after 2011’s disaster, but Tokyo squandered a chance to push through painful economic reform. Now growth is slowing. That leaves Japan in the same state it was in before the earthquake – only deeper in debt and one year closer to its moment of reckoning.

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The outgoing premier and his likely successor have both called for change. But the biggest required reforms will leave powerful losers. Unlike Greece, Spain or Russia, China lacks creditors or voters to hold leaders to account. Greater turmoil may be needed to force a shift.

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A general strike won’t turn back the clock on labour market reform and the coming budget cuts look inevitable. Too much austerity could be self-defeating and even unrealistic, but Prime Minister Rajoy cannot afford to waver after his earlier deficit faux pax.

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To sustain growth and make citizens happier, new leaders must tackle three big challenges: financial efficiency, innovation and the environment. But each policy tweak depends partly on others. As before in China’s history, success is based not on intent, but on political capital.

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Fixing up U.S. mortgage finance involves more than just Fannie Mae, Freddie Mac and the private home loan market. The Obama administration was right to finally put the bailed-out mortgage giants on center stage at a conference convened on Tuesday. But the crisis had a third leg: borrowers got ahead of themselves.

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A sigh of relief is due on Wall Street. The procedural finale for the Senate's debate on financial reform came just in time for banks. The bill got tougher as the talk dragged on. But it could have been worse.

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The ruling party says market forces are to take a “decisive” role in the economy. Will it happen? A domestic bond default, shrinking currency reserves, the foreign takeover of a failing state-owned company and more volatile commodity prices would all be promising signs.

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